The payment provider platform PayPal has announced the launch of its greater crypto functionality will not be far for its users.
According to the newest company’s Q2 2021 investor update announcement, Dan Schulman, CEO of Paypal informed the initial version of the company’s super app wallet was already “code complete” and planned to roll out in the United States in the next several months.
The PayPal “Super App” Is Coming Soon
In addition to offering high yield savings features, allowing early access to direct deposit funds, messaging capability, “additional crypto capabilities,” the super app wallet also has high yield savings features and more.
Besides, the CEO also introduced the new product would be unique wallets, which are driven by advanced AI and machine learning capabilities.
By June 30, Paypal had appealed to more than 400 million active user accounts along with the total payment volume of $311 billion for the second quarter of 2021. It also is becoming common due to users increasing demand. There were a number of 14.5 million new active accounts participating in the platform, increasing its user base to 392 million.
More Ways to Use Crypto
In April, Venmo, a payment company owned by PayPal launched crypto trading. It was reported to already reach roughly $58 billion in total payment volume for the second quarter of 2021 and attracted 76 million active accounts.
The CEO of PayPal said, “We’re one of a few payments companies to allow consumers to use cryptocurrency as a funding source. We’re also seeing strong adoption and trading of crypto on Venmo.”
In May, instead of holding cryptocurrencies on PayPal or selling into fiat currency for withdrawal, PayPal users can send their cryptocurrencies to other wallets.
Earlier this month, the platform announced its increase of limit on crypto purchases for certain users based in the United States from $20,000 to $100,000.